Brit has bought the £20m renewal rights to Creechurch's property portfolio. Brit will not assume any liability in respect of business written prior to 1 October 2003.
But Brit has confirmed it will manage the run-off of
elements of the existing business for an undisclosed fee. The new business is expected to generate around £20m of gross premium income for Brit in 2004.
As part of the deal, a team of Creechurch underwriters and support staff, led by senior UK commercial property underwriter Jon Bartlett, will join Brit. Brit chief executive Dane Douetil said: "This acquisition will enable us to expand into a target area without assuming past liability."